Waypoint REIT Locks in Viva Energy Lease Extension with 12% Rent Boost
Waypoint REIT has secured a decade-long lease extension with Viva Energy Australia on 21 sites, boosting rental income by over 12% from August 2026. The REIT also strengthens its financial footing through key refinancing moves.
- Viva Energy exercises 10-year lease option on 21 sites, extending to 2036
- Rental income from extended leases to increase by 12.3% starting August 2026
- 21 leases represent about 4% of Waypoint REIT’s current rental income
- Waypoint completes refinancing initiatives, extending debt maturities
- Weighted average debt maturity improves to 3.8 years by end of 2025
Lease Extension Secures Income Stream
Waypoint REIT (ASX – WPR), Australia’s largest listed real estate investment trust focused on fuel and convenience retail properties, has announced a significant lease renewal with Viva Energy Australia (ASX – VEA). Viva Energy has exercised its ten-year option on 21 leases, extending their tenure through to August 2036. These leases currently account for approximately 4% of Waypoint’s total rental income.
Importantly, the extension comes with a 12.3% increase in aggregate rental income effective from the start of the new lease term in August 2026. This not only secures a stable income stream for the REIT but also enhances its revenue profile amid a competitive property market.
Refinancing Strengthens Financial Position
Alongside the lease extension news, Waypoint REIT has completed several refinancing initiatives aimed at improving its debt maturity profile. The REIT extended a $100 million bilateral debt facility by two years to January 2031 and established a new $70 million, five-year facility maturing in November 2030. Additionally, it repaid early a US$78 million tranche of its US Private Placement debt, originally due in 2027.
These moves collectively push Waypoint’s weighted average debt maturity to 3.8 years as of December 31, 2025, with the next debt maturity not due until March 2028. This extended debt horizon provides the REIT with greater financial flexibility and reduces refinancing risk in the near term.
Looking Ahead to Valuations and Lease Expiries
Waypoint is currently finalising its December 2025 property valuations, with updates expected once the process concludes. The REIT also flagged that further details on the remaining five Viva Energy leases expiring in 2026 will be disclosed alongside its full-year FY25 results in late February 2026. These forthcoming updates will be critical for investors assessing the portfolio’s valuation and income sustainability.
Overall, the lease extension and refinancing initiatives reflect Waypoint’s proactive approach to managing its portfolio and capital structure, positioning it well for stable long-term returns in a sector that demands resilience and adaptability.
Bottom Line?
Waypoint REIT’s lease renewal and refinancing moves set a solid foundation, but upcoming valuations and remaining lease outcomes will be key to watch.
Questions in the middle?
- What terms will the remaining five Viva Energy leases expiring in 2026 secure?
- How will the December 2025 property valuations impact Waypoint’s asset values and net tangible assets?
- What are the cost implications of the new and extended debt facilities on Waypoint’s future earnings?
